How to boost your tax refund with these two concessions

With June 30 almost upon us, it makes sense to check whether you can take last-minute action to boost what you get back from two key tax concessions - the medical expenses offset and education tax refund.

The offset pays you 20% of any amount you and your family spend in excess of $2000 in 2010-11. Expenses include net cost of medical, hospital, pharmaceutical, dental and optical services.

If you are close to the threshold, it makes sense to bring forward impending costs, such as new glasses or dental treatment, so you can claim them in the current tax year.

The education tax refund applies mainly to families who receive at least some Family Tax Benefit Part A. Most couples with two school-age children are likely to qualify provided annual income, including a range of fringe benefits, is less than $107,018.

Under current arrangements you get a refund for half the cost of a range of education expenses up to a pre-set maximum. For primary students, the maximum refund is $397; for secondary students, it is $794. Eligible expenses include computers and related equipment and software, home internet connections, textbooks and stationery and, if relevant, trade tools.

If your child needs any of these items and you are still below the maximum refund limits you should consider buying these by June 30 - but not school uniforms. The Gillard government's promise to include uniforms doesn't take effect until 2011-12.

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